According to Santiment, a cryptocurrency analytics platform, Bitcoin (BTC) whales have increased significantly over the past nine days.
According to Santiment, Bitcoin whales have acquired Bitcoin worth approximately $931,309,410 as of this writing.
This is the longest period of sustained accumulation by Bitcoin whales since May, according to the crypto analytics platform.
“A rarity in 2022, bitcoin whales are exhibiting signs of sustained accumulation. As large USDT [Tether] holdings have decreased, addresses holding 100 to 10,000 BTC have collectively added 46,173 BTC back to their wallets since September 27.
Bitcoin is trading at $20,170 at time of writing.
Santiment noted earlier this week that the supply of Bitcoin on cryptocurrency exchanges had decreased to levels not seen since November 2018.The analytics platform says that less than 9% of the Bitcoin supply is currently held on crypto exchanges, which further reduces the risk of a selloff.
Santiment also looks at Optimism (OP), a scaling solution for Ethereum (ETH).The crypto analytics platform claims that the layer-2 scaling solution is experiencing a record number of new addresses and daily active addresses, indicating an increase in Optimism’s on-chain activity.
Despite Optimism’s subpar price performance, chain activity has been rising.Since OP’s inception in May, both the number of new addresses created and the number of daily active addresses interacting on the network have reached their highest levels.
